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Share Name Share Symbol Market Type Share ISIN Share Description
Town Centre LSE:TCSC London Ordinary Share GB0003062816 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 303.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 22.71 24.00 45.10 6.7 161
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 303.00 GBX

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Town Centre (TCSC) Discussions and Chat

Town Centre Forums and Chat

Date Time Title Posts
25/2/201617:32Charts & News for "Town Centre Securities"218
18/1/201017:17The Town Centre Securities Thread172
09/1/200311:02Currently undrvalued.25

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Town Centre (TCSC) Top Chat Posts

DateSubject
25/2/2016
17:32
jonwig: Town Centre Securities PLC, the Leeds based property investor and car park operator, announces that its Tradable Instrument Display Mnemonic ("TIDM") will be changed to TOWN (from TCSC) with effect from 0800hrs tomorrow, Friday 26 February 2016. OK, I'll start a new thread then. But why bother? Seems trivial to me. Here it is: http://uk.advfn.com/cmn/fbb/thread.php3?id=35201010
24/2/2016
11:30
inki: jonwig The £16m net spend appears to be part of the refurbishment incorporating a long term lease with Leeds Council for offices within the Merrion Centre. The 'Centre' has been undergoing a modernising process, hence enabling a fairly consistant occupancy. Leeds has become a vibrant city, and even if everybody considers it expensive, so is any city with the level of infrastructure and variety that exists there. The number of deals that TCSC is undertaking indicates that there should not be stagnation, even if the dividend remains moderate.
23/2/2016
23:30
inki: This is an illiquid stock, substantially held by directors and institutions. A modest 15k share sale moved the price.
23/2/2016
18:25
jonwig: The true spread's been wide today. Closing price is last trade. H1 results tomorrow. Significant? Though I don't think they are a leaky company.
19/9/2015
14:10
jeff h: http://www.telegraph.co.uk/finance/markets/questor/11874637/Questor-share-tip-Town-Centre-Securities-a-long-term-buy.html
18/9/2015
07:39
castleford tiger: I see NAV at 400p this time next year so a further 30% fair value uplift in share price. plus 3% yield means I bought more yesterday. Several properties are due re valuation and Leeds is very strong. Cost of money falling as well as they state. I like it. tiger
05/4/2015
21:32
jeff h: http://www.telegraph.co.uk/finance/markets/questor/11513268/Questor-share-tip-Town-Centre-Securities-a-long-term-buy.html LEEDS based property investment fund Town Centre Securities [LON:TCSC] has expanded its portfolio and secured key tenants making its shares a good long term investment. The company said last week that it spent £4.48m on new warehouses with secured tenants that provide a net initial yield of 7.25pc. In a low interest environment that kind of return is attractive. The company has also recently renewed a contract until 2040 with its anchor tenant Morrisons’ at its biggest property holding the Merrion Centre in Leeds city centre. Morrisons’ will be investing to refurbish and expand the existing store on the the site. The early refurbishment works have also started on Merrion House after Leeds City Council signed a 25 year lease for office space. Pre-tax profits increased to £13.3m for the six months ended December 31, from £12.3m in the comparable period. The net assets per share increased to 326p at the end of last year, leaving the shares trading at a 6pc discount. Town Centre Securities property portfolio is split, with 58pc in Leeds, 24pc in Glasgow and Edinburgh, and 16pc in Manchester. The company also has a small presence in London. The company offers a prospective dividend yield of 3.4pc. Questor recommended buying the shares (232.5p, February 13, 2013) and they have risen 32pc since then, the advice remains. Buy.
28/2/2015
12:09
jonwig: IC reiterates its BUY on TCSC this week. It quotes: Analysts at Oriel Securities are forecasting adjusted net assets per share of 342p by the end of June (from 308p in 2014). So what are "adjusted net assets"? Plain NAV was 326p at end-Dec and triple-NAV was 305p. Anyway, a 12% uplift over the next half year on whatever measure would be welcome.
24/2/2015
07:39
jonwig: Interim results: Http://www.investegate.co.uk/town-centre-secs---tcsc-/rns/half-yearly-report/201502240700296592F/ They're a busy lot, with developments and disposals. Particularly expansion of the car parks division. Opening a London office in Duke Street (posh - Mayfair). Share price will love all this, though it's already risen well in recent weeks. But are they getting rather over-confident, brazen even?
22/9/2014
18:22
josephrobert: Hello Chairman I wonder if you could expand on the business relief on their personal tax position. Sounds interesting. I've had a look on the net and can't quite find anything pertinent. As to the point well yes it's cheap but will it remain so, well I would suggest two bits of guidance - the historic discount to NAV overweighting the times where the environment was similar to where we are now (whenever that is - the last 12 months?) and the relationship between the company's NAV discount to the market. NAVs here: hxxp://tcs-plc.co.uk/financials/record Industry discount/premiums here: hxxp://www.bpf.org.uk/en/reita/performance/epra_uk_index_nav_discount.php It would need a bit of work here to work out the relevance of the guidance and any other factors that should be taken account of during that time. A lot of the heavily discounted REITs and the like have had a strong rerating over the last year or so - Standard Life Property Income (SLI) for example. However with this REIT appearing significantly cheap relative to the market i'm not sure how careful we need to be with such a large 'margin of safety'. In particular if TCSC was recently at a approximately 10% discount to NAV, then following what I can see as improved figures, then why the share price should not reduce it's discount to NAV -ie somewhere above 277p, not where it is now - I mean everything being equal and the last two weeks have been pretty equal in terms of market conditions. The other metric is the yield, well some of these REITS is all about the yield such as SLI, but some I guess don't so would it be wrong to expect above average capital growth in space of below average income yield? Ideally a company such as this needs to grow - more properties, the same or similar fixed cost base; again not sure how the controlling shareholder feels about that. For what it's worth it was converted into a REIT in 2007 www.uk.advfn.com/news/UKREG/2007/article/22164801 'Following a review of the implications of the new Real Estate Investment Trust ("REIT") legislation, the Board has taken the decision to convert to REIT status. Broadly, this will mean that the Company will be exempt from corporation tax liability on profit from property rental and property disposals and the deferred tax liability on revaluation surpluses, estimated at 30 June 2007 to be #65.9m,will be extinguished. The Company will pay a charge on conversion based on 2% of the value of its tax exempt property assets at the date of entry. We have posted a circular to shareholders to seek consent for the changes to our Articles of Association which are necessary before we can enter into the new REIT regime in October 2007.'
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